瑞信-美股-医疗用品与设备行业-COVID-19医疗技术估值下调：降低2020与2021年估值-2020.3.6.pdf

《瑞信-美股-医疗用品与设备行业-COVID-19医疗技术估值下调：降低2020与2021年估值-2020.3.6.pdf》由会员上传分享，免费在线阅读，更多相关内容在行业资料-天天文库。

1、U.S.MedicalSupplies&DevicesCOVID-19MedTechEstimateCut:Reducing2020&2021Estimates6March2020EquityResearchAmericasResearchAnalystsMattMiksic212-325-4381matt.miksic@credit-suisse.comVikChopra212-325-1749vik.chopra@credit-suisse.comDISCLOSUREAPPENDIXATTHEBACKOFTHISR

2、EPORTCONTAINSIMPORTANTDISCLOSURES,ANALYSTCERTIFICATIONS,LEGALENTITYDISCLOSUREANDTHESTATUSOFNON-USANALYSTS.USDisclosure:CreditSuissedoesandseekstodobusinesswithcompaniescoveredinitsresearchreports.Asaresult,investorsshouldbeawarethattheFirmmayhaveaconflictofintere

3、stthatcouldaffecttheobjectivityofthisreport.Investorsshouldconsiderthisreportasonlyasinglefactorinmakingtheirinvestmentdecision.BackgroundandIntroductionReducingEstimates&TargetsBasedonOurAnalysisandFrameworkGivenconcernsregardingthepotentialimpactonbusinesstrend

4、sandvaluationsinMedTechandacrossthebroadermarket,wehaveputtogetheraframeworkforassessingthepotentialrangeofeffectsthespreadoftheviruscouldhaveonthecompaniesinouruniverse.Havingevaluatedandanalyzedtherisksandpotentialrange,scopeanddurationoftheseissuesonourunivers

5、e,webelievethepotentialimpactmayvarysignificantly,basedonregionalexposuresandrevenuemixofeachcompany.DuetothelevelofvolatilitydriveninpartbytherapidlyevolvingnewsflowrelatedtoCOVID-19,andalsobytheuncertaintyabouttherangeofthepotentialimpactonsalesandearnings,weha

6、veoptedtopublishourframeworkasaguideforinvestorstohelpassesstheserisks.Inaddition,givenourcomfortatthispointinthemiddleoftherangeofourBlueSkyandGreySkyscenarios(i.e.ourBaseCase),wehavetakentheadditionalstepofreducingourestimatesinaccordancewiththemiddleoftheseran

7、ges,andmakewhatweviewappropriatecorrespondingadjustmentstoourtargetprices.Pleaseseeslides9through11forasummaryofthesechanges.CreditSuisseSecurities(USA)LLC,MattMiksic3/6/20203/6/20202Source:Company,CreditSuisseestimatesWhyCutEstimatesNow?StocksAlreadyDiscounting

8、ImpactofCOVID-19,OurFrameworkAimstoPutSharperPointon“What’sPricedIn”:WhileitremainsearlyinunderstandingthescopeanddurationoftheCOVID-19impactonMedSuppliesandDe